[29th March 2016]: IRA and 401k calculators integrated into the Tax Calculator. Select advanced, use settings 'I am between 50 and 65 years of age' as relevant and 'IRA and 401K Calculator' inputs to calculate 401K and IRA as part of your tax return calculation. More info on using the IRA / 401K Calculator here.
[02th March 2016]: For our Canadian users: We are working on a comprehensive Canadian Federal, Province and Non-resident Tax Calculator, we expect to have all elements fully integrated by the end of April (print, save, etc.). Take a look and let us know your thoughts, as always we tweak our calculators design, look and outputs to suit our communities needs. We will be providing a similar interface for the US Tax Calculator this year pending further community feedback.
[10th October 2015]: 2016 Tax tables integrated into the Tax Calculator.
The Federal Tax calculator is updated to include the latest Federal tax rates for 2015-16 tax year as published by the IRS.
The State Tax calculator is updated to include the latest State tax rates for 2015-16 tax year and will be update to the 2016-17 State Tax Tables once fully published as published by the various States.
2016 Tax Refund Calculator
Calculate your total tax due using the tax calculator (updated to include the 2016 tax brackets). Deduct the amount of tax paid from the tax calculation to provide an illustration of your 2016 tax refund.
Looking for a quick snapshot tax illustration and example of how to calculate your tax return? Go to our Salary Tax Illustrations and select an annual salary assessment for an instant tax illustration with tax breakdown and Medicare example.
Updates to the 2016 Tax Calculator
The following updates have been applied to the Tax calculator:
- Selectable Tax year.
- Tax calculations allow for Tax-Deferred Retirement Plan.
- Tax calculations allow for Cafeteria or other Pre-Tax Plans.
- Selectable Tax year.
- Updated to include 2016 Federal tax rates.
- Updated to apply Medicare and Social Security deductions as Pre-Federal Tax calculation Thank you Justin Duel.
- Calculate Child Tax Credit Refunds.
- Apply Local Tax rate deductions.
- Apply Earned Income Tax Credits (Currently works with Child Tax Credits only, further suggestions welcome).
- Personal Exemptions Phaseout added.
Note: Deaf, Blind or Disabled and Qualified Disabled Veterans are currently active for Michigan only. If you would like these activated for your state, please leave a message on our tax forums, ideally you should also confirm the allowance amount for your State as well.
This federal tax calculator is as good as the feedback, your support, requests and bug catches help to improve the accuracy of the tax calculator for all.
This tax calculator aims to balance ease of use with transparency of tax calculation but is provided for illustration only. Remember that you should always seek professional advice and audit your tax return